Kyles's monthly repayment on the television based on hire purchase agreement is R229
What is the monthly repayment?
The monthly repayment is the amount paid monthly with interest on a particular loan or to recover from debt.
From the given information:
- The price of the television = R5600
- Initial deposit = 15% of cash price = 0.15 × 5600 = 840
Thus
principal amount left to be repaid = 5600 - 840 = 4760
Using the formula:
[tex]\mathbf{M=\dfrac{P( \dfrac{r}{12}) (1+\dfrac{r}{12})^n }{(1+\dfrac{r}{12})^n - 1}}[/tex]
[tex]\mathbf{M=\dfrac{4760( \dfrac{0.14}{12}) (1+\dfrac{0.14}{12})^{24} }{(1+\dfrac{0.14}{12})^{24} - 1}}[/tex]
M = R228.54
M ≅ R229
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